https://adgully.me/post/2382/amazon-payment-services-unlocks-gen-z-attitude-on-digital-payments

Amazon Payment Services unlocks Gen-Z attitude on digital payments

DUBAI:  Amazon Payment Services, a regional leader in digital payments across the Middle East and North Africa (MENA) region, shares research on the spending preferences of those born between 1997 and 2012, known as Generation Z (Gen Z). The white paper, “Understanding Generation Z,” compares the spending preferences of Gen Z with that of other generations, such as those born between 1981 and 1996, otherwise known as “millennials”, and discusses the influence of Gen Z as its spending power grows. Based on research conducted by Sixth Factor Consulting, and sponsored by Amazon Payment Services, insights from the research are provided in the second white paper published on the ‘re:Imagine Payments’ thought leadership forum, which aims to help merchants and those interested in digital payments gain knowledge about the space.Peter George, Managing Director for Amazon Payment Services in the Middle East and North Africa (MENA), said: “The Gen Z demographic has immense potential to drive future business growth for merchants, making it an important customer segment for businesses to secure. The analysis in this paper presents Gen Z’s attitudes toward digital payments covering also other relevant industry topics in MENA, can be used by merchants to connect effectively with this audience, in order to drive healthy, and sustainable growth.”The white paper presents research from surveying over 1,800 respondents across the United Arab Emirates (UAE), Saudi Arabia (KSA), and Egypt.George also said: “Earlier this year, we launched the ‘re:Imagine Payments’ forum to create a space for collaboration among existing and potential partners to engage, explore, and establish new solutions together. This white paper comes in line with our goal to share insights on industry trends across different audiences, promoting knowledge-sharing to support growth and innovation in the regional payments sector.”Merchants in the region can utilize the findings of the “Understanding Generation Z” white paper to explore this demographic’s preferences and underlying motivations, in order to authentically connect with Gen Z and secure future success, by delivering to their emerging needs.More than half of research respondents prefer paying digitallyGen Z members are tech-savvy, which impacts their attitude toward payments. Research showed this demographic prefers digital payment methods, with payment cards and mobile wallets being the most popular.Those surveyed said they thought Buy Now, Pay Later (BNPL) options are a convenient way to pay for big-ticket items. Zero interest, lack of paperwork, and lightening the pressure on the pocket are the reasons driving interest for this payment method among Generation Z.In all three countries, the vast majority of respondents were aware of peer-to-peer (P2P) transfer apps, with awareness as high as 92% in Egypt, driven by the early availability of the national Instant Payment Network. The majority of respondents across UAE, KSA and Egypt claim to have conducted a P2P transfer using an app or another method at least once.The research also found high awareness of in-app payments; however, respondents suggested that this method is competing with other commonly used payments methods, and that merchants should consider using discounts to steer more purchases toward mobile apps.One category of in-app payment that was welcomed by respondents was super apps. Respondents said that super apps, currently available in AE, were particularly convenient, leading to high awareness and take-up.Personalization over privacyGen Z members say they prioritize personalization over privacy. The study found that Gen Z is less concerned about data-sharing than previous generations, and they are willing to share their data if it provides them with a better shopping experience.One Gen Z survey respondent said: “I am aware cookies track down the websites I visit and target advertisement towards me as per my taste and choice. [But] I get relevant content on what would interest me, making my online experience more personalized.”Millennials who took the survey, however, expressed more concern about data-sharing. One millennial respondent said: “I am very careful and reluctant in sharing my data, I feel unsafe and prefer to only click on websites I know. Even on known websites, I do not share my information.”Underlying motivations driving behaviourTo successfully reach Gen Z, businesses must understand not only their quantifiable behaviors but more importantly their underlying motivations.As the first generation of digital natives, Gen Z have never known a world without smartphones and the internet, unlike the digital immigrants who preceded them.This has exposed Gen Z to various global issues very early in life due to their behavior as heavy users of social media, embedding a deep sense of social responsibility which shows up in their choice of brands and workplaces. To gain favor with Gen Z, businesses must understand their values and priorities and develop a matching corporate social responsibility strategy.Gen Z is also one of the most entrepreneurial generations, especially in the Middle East. This entrepreneurial mindset is motivated by the underlying desire for financial independence.As a result, offering loyalty programs and reward schemes that emphasize affordability, and showcasing financial planning as an attractor to newer payment methods will be beneficial for businesses targeting Gen Z.In order to effectively target Gen Z, businesses need to understand this demographic. “Understanding Generation Z” delivers insights into the way Gen Z thinks. This will help businesses build their businesses in a way that appeals to this unique, complex, and dynamic generation and seize future opportunities.
https://adgully.me/post/877/amazon-payment-services-shares-insights-into-the-future-of-payments

Amazon Payment Services shares insights into the future of payments

Amazon Payment Services, a regional leader in digital payments operating across the Middle East and North Africa (MENA) with a mission to empower online businesses with a simple, affordable, and trusted payment experience, addressed an audience of fintech innovators and business leaders at Seamless Saudi Arabia 2022 to share insights into the evolution of cashless payments in Saudi Arabia. Amazon Payment Services’ participation as a Platinum Sponsor at Seamless Saudi Arabia is in line with its commitment to engaging with the fintech and business communities in the Kingdom.A holistic payments solution, Amazon Payment Services supports merchants beyond payments through its extended services portfolio, advanced technologies, value-added services and a strong and growing network of partners throughout the region. Combining intimate knowledge of markets across MENA with Amazon’s global expertise, Amazon Payment Services has driven innovation in the payments sphere to facilitate millions of secure transactions across the region to date.In a presentation titled “Reimaging Payments for Today’s Saudi Consumer”, Mona Alsemayen, Country Head for strategy and growth in Saudi Arabia of Amazon Payment Services, highlighted how Saudi Arabia’s Vision 2030 and a strong infrastructure for the digital economy in the Kingdom has been a catalyst for growth in the digital payments sphere across multiple industry verticals, with cashless payments overtaking cash for the first time in 2021 to represent 62% of transactions across all sectors.“As a result of government initiatives and industry trends, Saudi Arabia has shown a rapid evolution of digital payment and lending methods over the past few years, making the country a hotspot for Fintech players and banks that are open for development and cooperation. Today’s Saudi consumer wants choice, convenience, speed and security, but above all, they want a smooth, seamless payments experience that mirrors their day-to-day online interactions. Keeping the customer at the core of our focus and working backwards to address their needs, Amazon Payment Services is partnering with the government, merchants and the financial sector to advance the payments experience in Saudi Arabia,” Alsemayen said.Also contributing to the discussion at Seamless Middle East 2022, Mohamed Imtiyaz, Head of Business Development, Amazon Payment Services, participated in a keynote panel on the topic of “Pioneering the next generation of online retail with a ‘one-stop shop’ marketplace,” in which he highlighted how the digital marketplace of tomorrow is an interconnected landscape where different payment methods merge and overlap, helping to establish a seamless and fully embedded use case for all stakeholders.“Online marketplaces are increasingly looking for payment service providers which provide a seamless payment infrastructure in addition to offering added value by increasing checkout conversion with a wider choice of affordable payment options like BNPL and instalments. At the same time, they are looking to increase their reach by tapping into the vast opportunities offered by digitally native Gen Z and millenial consumers,” Imtiyaz said.Among the key solutions Amazon Payment Services displayed at Seamless Saudi Arabia 2022 was Installments, a highly targeted and tailored solution that breaks down large purchases into easy monthly payments that is proven to increase sales by 10-15% across average basket sizes, and rounded holistic solutions such as PrivateLink, a multi-solution product designed to increase security, improve the payment experience and success rate, and reduce data egress costs for merchants.